1 year ago
Due to UAE's National Day, Phoenix Group’s nationalist trading motorboat connected the Abu Dhabi Securities Exchange has been moved to Dec. 5, 2023.
Cryptocurrency mining steadfast Phoenix Group is preparing for its nationalist trading motorboat aft seeing a important oversubscription during the pre-market merchantability connected Nov. 21.
Phoenix’s nationalist trading motorboat volition beryllium delayed arsenic the steadfast has revised the day for its forthcoming archetypal nationalist offering (IPO) connected the Abu Dhabi Securities Exchange (ADX).
According to an announcement connected Nov. 28, the crypto mining steadfast expects to database its shares connected Dec. 5 alternatively of Dec. 4, 2023, owed to nationalist holidays declared for the United Arab Emirates National Day.
Celebrated connected Dec. 2, the UAE National Day commemorates the enactment of the UAE. The Ministry of Human Resources and Emiratization marks Dec. 2, 3, and 4 arsenic nationalist holidays for the backstage sector.
“To grant this juncture and guarantee broad information successful the IPO, Phoenix Group has rescheduled its listing day to December 5th, 2023,” the announcement states.
As antecedently announced, Phoenix Group successfully closed its IPO with a 33 times oversubscription connected Nov. 18, reporting that its connection of 907,323,529 shares saw an “overwhelming demand.” Phoenix said retail investors oversubscribed the offering 180 times, portion nonrecreational investors contributed to a 22-fold oversubscription.
Phoenix is simply a UAE-based mining relation that is processing 1 of the largest mining facilities successful the Middle East. The institution has reportedly been discussing the IPO motorboat successful UAE since astatine slightest July 2023.
Related: Bithumb plans to beryllium archetypal crypto speech listed connected Korea banal market: Report
The UAE has emerged arsenic 1 of the astir crypto-friendly jurisdictions successful the world, launching assorted initiatives, including multiple Web3-focused economical escaped zones to enactment crypto development.
On Nov. 28, the crypto speech M2 received a regulatory approval. It partnered with Abu Dhabi Commercial Bank to alteration retail and organization clients successful the UAE to buy, sell, and store cryptocurrencies similar Bitcoin (BTC).
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